GNC: The Store Base [Seeking Alpha]
Rite Aid Corporation (RAD)
Last rite aid corporation earnings: 4/16 07:00 am
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US:NYSE Investor Relations:
riteaid.com/corporate/investor-relations
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Source: Seeking Alpha
GNC ( GNC ) began focusing serious attention on the company’s store base last year with the announcement that the company would close approximately 200 company operated stores over the course of the current year. The company upped the ante in the most recent quarterly conference call by announcing plans to close between 700 and 900 additional stores over the next three years – possibly upwards of 25% of the company’s existing company operated domestic store base. The changes are probably overdue (with consideration given to the terms of the associated leases) based on the company’s statement that 10% of current company operated locations (or possibly less, as discussed below), which comes to as many as 320 stores, are currently EBITDA breakeven or negative. However, this announcement masks an already accelerated trend of closures when considering all store types. Indeed, in the last four quarters, the total number of GNC locations hasn’t declined by 200 but closer to 542 when all
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